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Prime George Street Development Site Changes Hands for $94m

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Two prime commercial buildings in Sydney’s George Street have been sold in an off-market sale to Singaporean investors for $94 million by their long-term private owners.

The buildings at 630-634 and 636-638 George Street are a combined 1000-square metres with current zonings allowing for new developments of up to 230 metres in height.

The new owners will reportedly hold the buildings before redeveloping the site into a mixed-use project, likely a mix of apartments and hotels. Located opposite Event Cinemas, the buildings have not changed ownership for more than 30 years.

Related reading: Meriton Group Lists Hotel, Triguboff says Sydney Apartment Market Weakening

The sale was negotiated by Knight Frank's Dominic Ong and Colliers International's Steam Leung.

Sydney is seeing a number of mixed-use towers entering the market, where a combination of hotel, residential, commercial and retail components are proposed.

A concept development application for a $127 million, 40-storey hotel and residential tower on the site of Sydney Irish pub Scruffy Murphy’s at 700 George Street, Haymarket has been submitted to the City of Sydney. The building will also house commercial and retail tenanices.

At 203 Castlereagh Street the heritage-listed Porter House is set to be redeveloped by Chinese real estate joint-venture Shanghai United into a 121-room boutique hotel in partnership with Accor Hotels. Castle Residences will rise 36 floors and also feature retail and commercial offerings.

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Article originally posted at: https://https://theurbandeveloper.com/articles/prime-george-street-development-site-changes-hands-for-94m